Multimarket sourcing is a strategy that involves sourcing from different countries. Each country has its advantages and disadvantages. The real challenge is then to choose the appropriate market for each project, if you achieve this you will enjoy multiple benefits.
No market comes without some risk. When you are sourcing from multiple suppliers across countries, you diversify these risks.
This approach to sourcing minimises the impact of any unforeseen disruptions, such as political instability, ensuring a more resilient and secure supply chain.
Suppliers in Southeast Asia and China generally benefit from a lower cost level than other countries.
With proper training and knowledge, you will profit from the lower expenses. One way of getting this knowledge is to hire people in the respective countries. Learn here why this is a way of building a stronger supplier network.
Having multiple suppliers enables access to a broader pool of expertise, technologies, and skills. With a good network of manufacturers, you will have an endless row of possibilities.
Having a specialised manufacturer for each project, e.g. one for POM machining and one for aluminium, will ensure you advanced technology and knowhow. Getting this for each individual part will result in a product of higher quality.
With a wide network of suppliers, you can benefit from flexible capacity. By sourcing from multiple markets and suppliers, you can easily scale production up or down as needed, ensuring a stable supply chain.
We keep long-term and mutually beneficial relationships with our suppliers and subcontractors. This gives us an insight into the abilities of each supplier and a mutual trust – one of the activities that allow us to guarantee high quality.
Get access to the suppliers here.